Warren Buffett on 'This Week'

Billionaire investor Warren Buffett tackles the state of the economy.
5:04 | 05/05/13

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Transcript for Warren Buffett on 'This Week'
warren buffett's disciples flocked to omaha for the investor's annual day in the arena. Our economist, rebecca jarvis, spoke with warren buffett. Good morning, rebecca. Reporter: Good morning, george. It may look like a dog and pony show here at the berkshire hathaway annual meeting. A 5k race, which is special to this meeting, just took off behind me. But the real reason 40,000 people flock to omaha every year, is to hear from warren buffett himself on stocks and the economy. And that's where we began when we spoke. Well, I don't know what the answer is to what the market will run next week or next month or next year. But the economy has generally gotten better over the last four years. The stock market got very depressed. I wrote about it in 2008. They're not as cheap now. They don't look overpriced. They certainly look more attractive than fixed-income investments to me. But I have no idea what the stock market will do next week, next month or next year. Reporter: What about your businesses? What are the most encouraging signs you see? We see a very gradual improvement. But we've been seeing that for about four years. On balance, they're moving forward. But not at a rapid clip. Reporter: What would it take to get a more rapid clip? To some extent, it takes time. We have a fiscal stimulus. And those are the right things to be doing considering the incredible situation that existed in 2008. I generally approve of what the latter stages of it hit, what the bush administration did. I approve of what the obama administration has done. Nothing is perfect. But we had some huge problems in 2008. And our country is doing reasonably well coming out of that. It's a lot slower than people would like. But it was a lot bigger problem than any of us had ever seen. Reporter: When you say nothing is perfect, what do you make of the dysfunction in washington right now? Do you think this could be a lame duck presidency? Well, it's tough to watch what happens in washington. It's gotten more and more partisan. But now, so many elections are determined by the primaries and not the november elections, that it does tend to push both sides to the extremes. And to cause them to dig in and feel that they can't bend from positions because they'll get primaries. Reporter: One of the issues is immigration reform. And your son, howard, has advocated on behalf of immigration reform. How critical do you believe a new policy is to our economy? I think we need to have a policy. We've been bouncing this one around for a considerable period of time. And I think we should have a more logical immigration policy, too. Reporter: What would that be like? It would mean we would attract a lot of people. We would attract the people we want to attract, in particular. In terms of educating tens of thousands of hundreds of thousands of people, who we enhance their talents and to stick around here. I want to see that change. Reporter: You say take the people who come into this country for education and make them citizens? Certainly offer them the chance to become citizens. Sure. Reporter: You have taken up the chance to become a member of the twittersphere. Here we go. Tweetway. Okay. Warren is in the house. Reporter: That's a surprise to a lot of people because you held out for so long. You're looking at a technophobe. I felt it would give additional distribution, particularly, to an article. I wanted the wide distribution about women. I joined twitter. And it seems to be working. Reporter: In the article in "fortune" magazine, buffett called women the key to america's prosperity. Writing, we've seen what we can be accomplished when we use 50% of our human capacity. If you visualize what 100% can do, you'll join me as an unbridled optimist about america's future. You're bullish on women. I think that -- I think we've made a terrible mistake in this country and a lot of other countries, too, in not using all of our talent. If we said we were only going to let men 5'10", or below engage in three or four occupations, it would be regarded as totally nutty. And for decades, centuries, we relegated women to just a few occupations. And we did not fully use the talent that's available. We're making progress. But we have a ways to go. Reporter: Beyond rhetoric, what can be done to change that? I think there should be more pushing forward, in terms of the outer structure. But I was also encouraging women not to hold themselves back. Reporter:3 of the 13 members of warren buffett's berkshire hathaway board are women. That's a little bit better than the national average. However, there will be a man eventually replacing warren buffett. He says he has no plans to step down just yet. But the board and he are firmly aligned on one candidate. And it's not a woman.

This transcript has been automatically generated and may not be 100% accurate.

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